Magazine content is available exclusively for TIME subscribers.RAILROADS: Red-Ink Express
To trim its losses, the New York Central Railroad announced that it will pull out of the Railway Express Agency, Inc. Hauling express parcels on its passenger trains, the Central said, accounts for $11 million of the $52 million deficit billed for passenger trains. Said the Central's president, Alfred E. Permian: "The old method of collecting parcels at gathering points and then loading them onto passenger cars is obsolete."
Over the past ten years, air freight, parcel post, bus and truck lines have cut into the Railway Express business. (To pick up 100 Ibs. of furniture in New York City...
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